Fair and Accurate Transactions Act

Fair and Accurate Transactions Act
Fair and Accurate Transactions Act ( FACT Act)
Consumer protection legislation enacted in 2003. The FACT Act, permanently established the Fair Credit Reporting Act's federal pre-emption to those areas typically governed by the Fair Credit Reporting Act. Other portions of FACT Act also amended the Fair Credit Reporting Act to provide consumers with a free annual credit report, new identification protections, medical privacy rights and restrictions and the ability to opt out of information sharing among affiliated companies for marketing and solicitation purposes. Section 112 provides a fraud alert system for identity theft victims and consumers that are on active duty in the military. Section 212 requires lending institutions to provide home loan applicants with a copy of their credit score that was obtained from a consumer credit reporting agency. Section 311 imposes a requirement on lenders to provide additional disclosures when risk based pricing affects the rate provided to the borrower. American Banker Glossary

Financial and business terms. 2012.

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